Enterprise Files Are Getting Box’d and Moved to the Cloud; Initiating Coverage of Box With $15 FVE
We are initiating coverage of no-moat Box with a fair value estimate of $15 and stable moat trend. At recent prices of $20, we view shares as overvalued. Box is an enterprise-grade cloud content management solution with 64 million users (19% paying) as of January 2019 and has supported deployments approaching 100,000 employees. Box employs a top-down sales approach, with sales people selling directly into a CIO or CTO and has achieved success with large organizations, counting 70% of Fortune 500...Box provides a cloud content management platform that enables organizations to manage their content. With the company's Software-as-a-Service cloud content management platform, users can collaborate on content internally and with external parties, automate content-driven business processes, develop applications, and implement data protection, security and compliance features to comply with legal and regulatory requirements, internal policies and industry standards and regulations. The company's platform enables a set of business use cases across an enterprise and various file formats and media types. The company also provides offerings that address business needs via technology, services and marketing programs.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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